The American economy was growing rapidly in the 1920s, with the real gross national product per capita growing 2.7 percent between 1920 and 1929. The economy began to contract in the middle of the decade, leading to the great depression of 1929.
The car industry boomed in America in the 1920s as did the petrol and steel industries. This was a period of unprecedented consumerism, with new technologies appearing quickly. The moving pictures and the radio contributed to the spread of consumerism. In 1928, president Herbert Hoover stated that America has risen itself from poverty, a statement that summarized the visible economic boom.